$5,451 Closing Credit*
$459,000
3 Beds
•1 Full Bath
Anna Marie Sasso, Listing Office: RE/MAX Executive Group
Is 07506, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 07506 has remained a Seller's Market.
Key Takeaway
07506 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 07506, NJ
How much do homes in 07506, NJ cost?
Median Sold Price
$550,000
$359/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$55,000(+11.1%)
Key Takeaway
Homes in 07506 have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in 07506 was $550,000 in November 2024, up 11.1% from last year, and the median price per square foot was $359.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $322.5K | $360K | +11.6% |
| 2 Bedrooms | $459K | $482.5K | +5.1% |
| 3 Bedrooms | $482.5K | $535K | +10.9% |
| 4 Bedrooms | $540K | $613.7K | +13.7% |
| 5+ Bedrooms | $671K | $705K | +5.1% |
Summary: 07506 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 13.7%, and 5+ bedroom homes increased by 5.1%.
Housing Supply in 07506, NJ
How many homes are available in 07506, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 50 | 56 | +12.0% |
Summary: The 07506 real estate market had 56 homes for sale in November 2024, a 12.0% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 7 | 6 | -14.3% |
| 3 Bedrooms | 20 | 24 | +20.0% |
| 4 Bedrooms | 15 | 18 | +20.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The 07506 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 07506, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in 07506 in November 2024, up by 42.9% month-over-month. Of the 9 sold homes, 33% were sold under asking, 11% were sold at asking, and 56% were sold over asking.
Days on Market for 07506, NJ
How long does it take to sell a home in 07506, NJ?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 07506 has remained consistent over time.
Summary: During November 2024, 10 homes were sold in 07506; 0% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
